Brace For The Coming Income Tax War

President Biden’s top economic advisor Lael Barnaird laid out plans last Friday about the coming battle with the GOP over the Tax Cuts and Jobs Act (TCJA) laws that are sunsetting at the end of 2025. I’ve never imagined a starker difference between two agendas.

“It’s clear we need to end the 2017 tax breaks for the ultra-wealthy and scale back costly permanent corporate tax breaks,” the White House national economic advisor stated Friday during a speech to The Hamilton Project at the Brookings Institution.

The White House would like to put the following into place…

1 – To increase in Federal C Corp Income Tax Rates from their current 21% to 28%

2 – To extend the tax cuts for families earning under $400K annually

3 – To quadruple taxes on Stock Buybacks

4 – To create a minimum 25% tax on Billionaires

5 – To create a new estate tax on inherited property and assets whether they’re sold or not

The GOP has already announced their plans to extend TCJA in full. The only changes they’re considering is an end to the SALT Limitation of $10K on individual Schedule A deductions.

I don’t begin to understand the politics behind The White House continuing to push all of these ideas that have already failed from a legislative perspective, but there is one thing that I do know.

Your vote this year is important.

We may not want to vote. We may not like any of the candidates. And if you aren’t in a battlefield state, you may think that your vote won’t count.

But, wherever you land on the political landscape, make your voice heard. It is important.

Let me leave you with this.

Inflationary price increases are continuing to squeeze small business owners. A recent survey by Vistage Worldwide showed that 50% of small business owners raised their prices last year.

Half of entrepreneurs also stated that they would again raise their prices this year.

Labor and every type of insurance continues to increase. Raw material prices in most instances are doing the same. Many entrepreneurs find themselves in a position where there simply is no choice.

Why? Because maintaining your margins in these difficult times is a significant part of the job.

I’m sure that you’re tired of hearing me beat the same old drum. Trust me, I’d love to sing a new tune. But we are where we are and the job is still the job.

If it was easy, everyone would be doing it.

If you’re one of my clients, please pay close attention to the monthly financial statements that we provide. Included in all of our packets are comparison statements going back one year.

Comparing your costs between the periods and taking the appropriate steps to make sure you remain profitable may be the difference between staying in business and being forced to call a bankruptcy attorney. If you aren’t receiving monthly financial statements letting you know exactly where you are then stop trying to manage your business while wearing a blindfold.

Call us today.

If you’re concerned about raising your prices, then “shop” your competitors to see where they are. You may be shocked to find out how far you’re currently sitting behind your competitors from a pricing standpoint.

Either way, maintaining your margins and remaining profitable is the order of the day.

We’re all going to get through this. Let’s get through it together.

As an inducement, we’re offering 33% off your first six months of bookkeeping and / or the first three months of electronic payroll services on a complimentary basis. In order to claim this benefit, please click on the appropriate button below and provide your contact information. We’d love to help.

Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Payroll Services, or Accounting and Tax Work, you have but to ask. I’m here and I remain,

Sincerely yours,

Chris Amundson


Accounting Solutions Ltd.



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